Its $14 billion fundraiser lifts expectations for the valuation of its hotly anticipated IPO. Private investors’ ability to pile into China’s fintech champion squeezes room for public investors to participate during the listing.

Japanese firm was the dark horse in race to buy CBA’s stake in a Chinese life insurer. While it celebrates its surprise win, it will do well to remember clinching the deal is just the opening skirmish in a battle to crack the market.